WAYNE, Pa., Oct. 16, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of persons who purchased or acquired the shares of Amicus Therapeutics, Inc. ("Amicus" or the "Company") (NASDAQ: FOLD) between September 15, 2015 and October 1, 2015 inclusive (the "Class Period").
Amicus shareholders may, no later than December 7, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Amicus and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/fold.
Amicus, a biopharmaceutical company, develops and commercializes therapeutic products for rare and orphan diseases. Its product candidate is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease. The company's development programs include next-generation ERTs for lysosomal storage disorders (LSDs), such as Fabry disease, Pompe disease, and Mucopolysaccharidosis Type I. It also develops pharmacological chaperone migalastat HCl as a monotherapy that has completed two Phase III global registration studies for Fabry disease; ATB200, a recombinant human acid-alpha glucosidase that is in late preclinical development for Pompe disease; and AT3375 for the treatment of Parkinson's disease. The company has strategic collaboration with GlaxoSmithKline PLC to develop and commercialize migalastat.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants misrepresented when it would be able to file its New Drug Application with the Food and Drug Administration ("FDA") for its NDA for its oral small molecule pharmacological chaperone migalastat for the treatment of Fabry disease. Defendants publicly stated that, based on information provided by the FDA, the NDA was on track for filing in the fourth quarter of 2015.
On September 15, 2015, Amicus issued an upbeat press release, touting the outcome of the Company's meeting with the FDA and stating that the company planned to submit a New Drug Application for migalastat in the fourth quarter of 2015.
On October 2, 2015, the Company abruptly issued a press release contradicting Amicus' stated account of the September 15, 2015 meeting. While the headline innocuously indicated that Amicus was providing a "U.S. Regulatory Update," the press release actually informed the stock market that Amicus' September 15, 2015 press release incorrectly represented the company's meeting with the FDA.
On this news, Amicus' stock price, which closed at $13.75 per share on October 1, 2015, and traded as high as $18.23 during the period between September 15, 2015 and October 1, 2015, opened on October 2, 2015 at $5.98 per share and traded as low as $5.69 per share, before closing at $6.39 per share.
If you are a member of the class, you may, no later than December 7, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP